Suburban DC LIHTC Primed for Value Add Play

A joint venture completes a $23 million sale outside D.C., and a Class C property receives financing from KeyBank.

Fort Washington, Md.—Multifamily investment firm AMAC Holdings has picked up a 210-unit LIHTC community in Prince George’s County from Humphrey Management and Boston Capital. D.C. based Greysteel arranged the transaction, which netted a $23 million sales tag according to Yardi Matrix data.

Henson Creek Manor is located just of the Capital Beltway (I-495), and was built in phases in 1996 and 2001. It sits within five miles of Joint Base Andrews, Joint Base Anacostia-Bolling and the Suitland Federal Center, which together employ more than 33,000 people.

“As the only ’90s built product in the submarket, Henson Creek Manor presented an exceptional value-add opportunity for investors to achieve maximum allowable rents through implementation of a modest renovation program,” said Greysteel senior director, John Mullen. “Affordability covenants under the Low Income Housing Tax Credit program has allowed the Property to enjoy consistently high rental demand, which will be further bolstered as unit interiors are upgraded and the impacts of major area developments, such as MGM National Harbor and Saint Elizabeth’s, hit the submarket.”

Mullen worked alongside Ari Firoozabadi, Kyle Tagney, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz on the transaction.

Class C property receives financing from KeyBank

Columbia, S.C.—KeyBank Real Estate Capital has provided $17.7 million in Freddie Mac CME financing for Crossroads Apartment Homes, an apartment community located in Columbia, S.C.

The 622-unit, garden-style, Class C apartment community was constructed in three phases between 1977 and 1984. Caleb Marten of Key’s Commercial Mortgage Group arranged the financing.